By Ramsay H.B. No. 3049 77R13108 JD-F A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to the use of interest earned on motor vehicle inventory 1-3 tax escrow accounts. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 23.122, Tax Code, is amended by amending 1-6 Subsection (c) and adding Subsection (q) to read as follows: 1-7 (c) The collector shall maintain the escrow account for each 1-8 owner in the county depository. The collector is not required to 1-9 maintain a separate account in the depository for each escrow 1-10 account created as provided by this section but shall maintain 1-11 separate records for each owner. The collector shall retain any 1-12 interest generated by the escrow account to defray the cost of 1-13 administration of the prepayment procedure established by this 1-14 section. Interest generated by an escrow account created as 1-15 provided by this section is the sole property of the collector, and 1-16 that interest may be used by no entity other than the collector. 1-17 Interest generated by an escrow account may not be used to: 1-18 (1) reduce or otherwise affect the annual 1-19 appropriation to the collector that would otherwise be made; or 1-20 (2) supplement the salary or cover any personal 1-21 expenses of the collector. 1-22 (q) At least 60 days before the first day of the county's 1-23 fiscal year, the collector shall prepare a budget for the 1-24 expenditure of interest generated by the escrow accounts during 2-1 that fiscal year and file a copy of that budget with the county 2-2 budget officer. The county budget officer shall make a copy of the 2-3 collector's budget filed with the budget officer available to the 2-4 public at all reasonable times. The collector's budget filed with 2-5 the county budget officer is not subject to approval by the 2-6 commissioners court of the county, but any member of the public is 2-7 entitled to speak for or against the collector's budget during the 2-8 county's budget process. Interest generated by the escrow accounts 2-9 under this section may be spent only in compliance with: 2-10 (1) the collector's budget filed with the county 2-11 budget officer under this subsection; and 2-12 (2) Subchapter C, Chapter 262, Local Government Code. 2-13 SECTION 2. This Act takes effect immediately if it receives 2-14 a vote of two-thirds of all the members elected to each house, as 2-15 provided by Section 39, Article III, Texas Constitution. If this 2-16 Act does not receive the vote necessary for immediate effect, this 2-17 Act takes effect September 1, 2001.